Britain's Lloyds Bank has agreed to buy Curve for a low 120 million pounds, sparking investor anger

Lloyds Banking Group, the UK's largest retail bank, has agreed to buy digital wallet provider Curve in a deal worth about £120 million. This week, Curve informed investors that it had signed a share sale and purchase agreement with Lloyds, with a formal announcement expected as soon as next week.
The deal is one of the most high-profile fintech acquisitions in the UK this year, but it has been controversial. Curve admitted in its shareholder circular that the agreed valuation was "below our expectations for Curve" and that many investors may be disappointed.
However, the board stressed that the sale was the "best available path" for the company's creditors and shareholders, and Shachar Bialick, Curve's chief executive and founder, had warned that the company was likely to run out of cash this year if the Lloyds deal failed.
Since its inception, Curve has raised at least £250 million and was once positioned as a European fintech pioneer. But in 2024 and 2025, mid-term fintech companies will generally face rising customer acquisition costs, tighter financing conditions, and regulatory pressures, and Curve will not be immune.